The goal posts have finally gotten high enough that most folks starting out likely won’t make past the starting position… And when things look that bleak, the only winning move is to not play the game. It’s shocking that the ones who write these articles are so out of touch with the world as it is now for those just entering adulthood with little to nothing given to the appears.
I’m completely unable to purchase property with a mortgage, and it’s not a lack of supply, it’s a lack of owners willing to deal with mortgage holder as opposed to someone who just has cash. I’ve increased my offers to 30% over asking, higher down-payments, waiving inspections… I doesn’t matter.
a time of global societal uncertainty
Oh yeah, I remember those halcyon days when we didn’t have global uncertainty.
I accept that gen z may be struggling more than those before them. But breathless articles like this make it seem like it was all unicorn farts and rainbows in the past.
A recent study by Fidelity Investments found that 45% of people aged 18 to 35 “don’t see a point in saving until things return to normal.” In that same age group, 55% said they put retirement planning on hold during the pandemic.
Who are all these 18-35 people who have retirement plans? Where did they poll these people from?
I mean, I’m one of them. There is a pretty significant number of 25-35 years old professionals who start banking into retirement almost immediately.
How significant?
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I mean the article suggests it’s 55% of people 18-35. Do you really think that’s true?
Absolutely. Any corporate employer is going to auto-enroll you into setting up and paying into a retirement account. Any post-college age group is going to have similar numbers. That would be my guess anyway.
I would absolutely like some evidence that 55% of people 18-35 have retirement savings beyond this poll.
In the US at least, many large employers automatically create 401ks or IRA’s for their employees and contribute a portion of your paycheck to it.
After I graduated college, my first job created a 401k and started putting 1% of my paycheck into it without telling me. The job didn’t let me set it to 0%, forcing me to research 401ks and retirement planning. This led me to raise it to 15% and start investing.
Okay, but come on, 55% of people that age have a 401k or IRA? How many people under 30 even have a job that pays well enough to offer that sort of benefit? Jobs pay shit these days.
I think you’re really underestimating how many 25-35 year olds work for large corps. And you’ve got it reversed. The big corp jobs are the only ones paying wll enough to escape that treadmill. Sucks, I would love to work for some local mom and pop, but FAANG can double or triple the salaries of what they can offer. Most of my peers that I have talked to are in a similar boat.
And again, we all get retirement accounts in the first couple of weeks of employment. That’s been the case since I worked at comparitively much smaller companies even.
My retirement plan is “die when I can’t afford to be cozy”.
Pretty much everyone I went to college with, though I won’t pretend that’s a representative sample at all due to the college in question.
Still, there’s a lot of tech and finance workers out there.
It’s wild seeing a finance column mention late stage capitalism let alone headline it
